Dubai Property Market Records Massive $3.1 Billion Sales

The property market in Dubai has seen a surge in deals this week, with transactions totaling AED 11.5 billion ($3.1 billion), according to Dubai Land Department (DLD).

Dubai saw 3,397 transactions, with 228 plots sold for AED 2.59 billion ($705 million) and 2,498 apartments and villas sold for AED 5.54 billion ($1.5 billion).

The most expensive deals were in the Business Bay area, with a plot selling for AED 168.28 million ($45.8 million) followed closely by another plot in the same district for AED 167.81 million ($54.6 million).

Al Hebiah Fifth saw the highest number of transactions with 71 sales worth AED 193.64 million ($52.7 million), while Wadi Al Safa 3 had 22 sales worth AED 386.68 million ($105.3 million) and Jebal Ali First had 18 sales worth AED 57 million ($15.5 million).

For apartments and villas, the most transactions were completed in Business Bay, with a property sold for AED 208 million ($56.6 million), followed by an apartment in Island 2 for AED 111 million ($30.2 million) and a home in Al Qusais First for AED 100 million ($27.2 million).

The total value of mortgaged properties was AED 2.67 billion ($727 million), with the highest in Jebal Ali First for AED 796 million ($216 million). 230 properties were transferred or gifted between family members for AED 723 million ($197 million).